UZAN v. 845 UN PARTNERSHIP


10 A.D.3d 230 (2004)

778 N.Y.S.2d 171

CEM UZAN et al., Respondents, v. 845 UN LIMITED PARTNERSHIP, Appellant, et al., Defendant.

Appellate Division of the Supreme Court of the State of New York, First Department.

June 15, 2004.


Attorney(s) appearing for the Case

Kramer Levin Naftalis & Frankel LLP, New York City (Charlotte Moses Fischman and Dan A. Rosenbaum of counsel), and Jay Goldberg P.C., New York City, for appellant.

Marcus Rosenberg & Diamond LLP, New York City (David Rosenberg of counsel), for respondents.

Herrick, Feinstein LLP, New York City (Scott E. Mollen of counsel), for Real Estate Board of New York, Inc., amicus curiae.

Nardelli, J.P., Lerner and Friedman, JJ., concur.


OPINION OF THE COURT

MAZZARELLI, J.

This appeal presents the issue of whether plaintiffs, who defaulted on the purchase of four luxury condominium units, have forfeited their 25% down payments as a matter of law. Because the governing purchase agreements were a product of lengthy negotiation between parties of equal bargaining power, all represented by counsel, there was no evidence of overreaching, and upon consideration of the fact that a 25% down payment...

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